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Further Funding for UK Technology sector as UKFTF makes second commitment

The UK Future Technologies Fund has signed its second commitment into the Heureka Growth Fund ( the “Fund”). The Fund which is managed by Munich-based Acton Capital Partners targets industry leading growth stage companies in the internet and mobile communications sector. The Fund focuses on consumer-oriented business models in e-commerce, media and marketplaces, mainly within Europe but also in North America. The team has a long record of investing in the most exciting high growth potential early and expansion stage technology companies.

The UKFTF commitment further supports the Fund’s active approach towards the UK market. In fact, the team has been active in the UK market for years and the Fund has already made a substantial investment in a very promising UK company - Glasses Direct, the UK's largest online glasses retailer.Managed by a very experienced team and with its focused investment strategy, the Fund is expected to contribute to unlock the potential of media related growth companies to market new technologies, create highly skilled jobs and support the UK's place as a global leader of innovation. EIF Director John Holloway said:

'EIF is pleased to see the second commitment under the UK FTF, and into an experienced and very focused Fund Manager. We are pleased that the UKFTF is encouraging further investment into technology businesses in the UK.'

Jan-Gisbert Schultze, Managing Partner of Acton, commented: 'We are very pleased to welcome UK FTF as a new investor in the Fund. This is a further endorsement of our investment strategy and in particular of our approach towards the UK market. We are also very happy to further foster our relationship with EIF which already proved to be very valuable for the Fund.”

The UK FTF is one of two funds of funds which effectively make up the UK Innovation Investment Fund. The European Investment Fund and Hermes Private Equity were each confirmed as managers for two separate Fund of Funds together making up the UKIIF. Backed by a £150m investment from the Department for Business, Innovation and Skills; the Department of Energy and Climate Change; and the Department of Health, UKIIF has already attracted outside investment to more than match this amount with the total first closing of £325m.

Notes: The EIF UK Future Technologies Fund, has £200 million to invest at first closing. This Fund of Funds will invest in a range of technologies such as life sciences, digital technology, and advanced manufacturing. The Hermes Environmental Innovation Fund has £125m to invest at first closing. The fund of funds is aimed at increasing the efficient use of resources and is a major boost in the transition to a low-carbon economy.